Wasting money can be worse than failing to save any. What three things have you regretted wasting money on?

I’d like to think I haven’t wasted too much money in my life. So I asked some mates.

Fox: “Two guppies that lasted three days”.

Voodoo: “Cars”.

Risky: “Ex-wife. First wedding. Tyres. Bourbon from last night. Fyfe’s breakfast this morning. Whipper snipper cable”.

Fyfe (ignoring taunt): “30 Sherrins that have disappeared over the back fence. Snow chains. Juicer has only been used once”.

Right, thanks Turkeys. Less inspiration than I might have hoped for.

A common theme amongst other friends included cars, booze, home appliances and software.

For me … beer? No. If I had have spent 10 per cent less on beer than I have, I would have missed some pretty fun times.

Children. No. While their economic return is abysmal, they are the most awesome toys ever.

An expensive iPad? Yes. One of the few times in my life that I have bought a top-of-the-line anything. It does fancy stuff I will never use it for. A basic model would have been fine.

Cars. While I have never spent a load on cars, they are a depreciating asset I could always have saved on by spending less.

Stupid stuff for the kids. Two single beds when a bunk was the better option. Lego toys that get made and destroyed in a day and put into the Lego tub. Our pile of Lego must have had an original value of $2000.

In a financial sense, chasing the market bottom in 2008. Like everyone else, that year cost a lot. But I learned some valuable lessons, so I got something out of it.

Bruce Brammall is the principal adviser with Bruce Brammall Financial (www.brucebrammall.com.au) and author of Mortgages Made Easy.